Cumberland Insurance Group Recognized for Financial Stability
October 1, 2009
CUMBERLAND COUNTY, NEW JERSEY: The Cumberland Insurance Group has been recognized as one of only 55 Property and Casualty insurance companies that have maintained an AM Best financial strength rating of “A” for at least 50 years. The announcement came as part of a cover story in Best’s Review Magazine entitled “Standing The Test Of Time.” AM Best ratings are based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance, business profile, and ability to meet its obligations to policyholders.
“We are very pleased to be included in such a select list of companies,” said Cumberland Insurance Group President and CEO Robert P. Brady. “The AM20Best ratings are recognized worldwide as the benchmark for assessing financial strength in the insurance industry. Their opinions represent an independent third-party evaluation that subjects all insurers to the same rigorous criteria. As a result, consumers have a reliable tool to use when evaluating what insurance company to buy from.”
However, it is not just AM Best that has recognized The Cumberland Insurance Group’s performance. In fact, a recent comparative analysis by Standard Analytical Service, Inc. of fifteen leading Property and Casualty companies, The Cumberland Insurance Group outperformed the aggregate average in all categories.
“While many insurance companies are facing financial trouble, The Cumberland Insurance Group remains a well-capitalized company whose surplus exceeds its written premiums, ensuring that we have the financial strength to aggressively compete for new business,” said Paul J. Ritter, III, Senior Vice President, CFO, and Secretary to the Board. “Furthermore, our commitment to Enterprise Risk Management initiatives ensures our safety and soundness during these uncertain financial times.”
“We recognize that our clients frequently have complex insurance needs and yet they desire simple, tailored designs and competitive features. We have been able to meet these needs over the years through a defined vision and sustained results. As we navigate the current market conditions and look to the future, we will continue to deliver the products, services, and technology that make The Cumberland Insurance Group the best solution for our agents and policyholders,” Brady concluded.
The Cumberland Insurance Group, established in 1844, is celebrating its 165th anniversary and currently serves over 120,000 policyholders in the states of New Jersey, Pennsylvania, Delaware, and Maryland. In 2008, the Company had Total Admitted Assets of $315,595,220 and a Policyholders’ Surplus of $140,166,468. For more information about The Cumberland Insurance Group, or to find an independent agent near you, please visit www.cumberlandgroup.com.« Back to News